Nigeria: CBN Denies Plans to Revoke Licences of Unity, Polaris, Keystone Banks

4 June 2024
Leadership (Abuja)

The Central Bank of Nigeria (CBN) has announced that it has no plan to revoke the licences of Unity, Polaris, and Keystone banks.

The rebuttal was contained in a statement on Tuesday, which was issued in response to online reports suggesting that the three bank licences would be terminated following the recent revocation of Heritage Bank's licence.

In a post on its social media handles on Tuesday, the CBN dismissed the claims, stating, "The content is fake and not from the CBN."

On June 4, the CBN revoked the banking licence of Heritage Bank due to the bank's continued poor financial performance.

According to the CBN, the decision to withdraw Heritage Bank licence was made because the bank's board and management had failed to improve its financial standing, posing a threat to financial stability.

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